SSE profit jumps 28 per cent as UK turn up the heat

 
Fine: SSE's website inset, and the company's Perth HQ
Staff|Agencies22 May 2013

Energy giant SSE pocketed 28 per cent more in profits over the past year as UK households turned up their heating to keep out the bitter winter weather.

SSE's retail operation made £410.1 million in the 12 months to March, compared with £321.6 million in the previous 12 months as gas consumption increased by a fifth.

Overall pre-tax profits rose by 6 per cent from £1.34 billion to £1.41 billion.

But executive bonuses were slashed by 40 per cent in the wake of a mis-selling scandal which last month saw the company fined £10.5 million for misleading customers about prices and savings that could be made by switching over.

Lord Smith of Kelvin, the chairman of SSE, apologised today over the practice. The firm said: "Companies don't just have to earn profits; they have to earn profits in the right way."

But the words will come as cold comfort to families after a year when SSE hit them with a 9 per cent bill hike.

The energy giant said household consumption of gas over 2012/13 - which included a prolonged cold spell at the start of this year - went up 21 per cent, with electricity use rising 5 per cent. But its customer numbers in Britain and Ireland fell by 80,000 to 9.47 million.

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